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Continuous Technological Advancements in Hall-Effect Current Sensors

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Continuous Technological Advancements in Hall-Effect Current Sensors

February 12
13:21 2020
Hall-Effect Current Sensor Market by Type, Technology, Output (Linear and Threshold), Industry (Industrial Automation, Automotive, Consumer Electronics, Telecommunication, Utilities, Medical, Railways), and Region – Global Forecast to 2023

The Hall-Effect current sensor market size is likely to witness high growth in the coming years, driven by the use of fully integrated and programmable current sensors, technological advancements in Hall-Effect current sensors, advantage of galvanic isolation-based Hall-Effect current sensors, and demand for intelligent Hall-Effect current sensors. The market was valued at USD 831.0 Million in 2016 and is expected to grow at a CAGR of 8.4% between 2017 and 2023. The base year considered for the study is 2016, and the forecast period is between 2017 and 2023. The objective of the report is to provide a detailed analysis of the market based on output, technology, type, industry, and region. The report provides detailed information of the major factors influencing the growth of the market. Moreover, the report provides a detailed overview of the value chain of the market.

The growth of this market is fueled by the increasing demand for intelligent Hall-Effect sensors, ongoing technological advancements in Hall-Effect current sensors, and growing use of fully integrated and programmable current sensors. Moreover, the advantages of galvanic isolation-based Hall-Effect current sensors and developments in the Hall-Effect current sensor ecosystem through organic and inorganic growth strategies, such as product developments, expansions, partnerships, distribution contracts and agreements, and acquisitions, further drive the growth of this market.

Between open-loop and closed loop current sensors, the market for closed-loop current sensor is expected to grow at a higher CAGR between 2017 and 2023. The faster response time and higher accuracy have led to a rise in the adoption of closed-loop current sensors. Moreover, the demand for closed-loop current sensors would continue to grow due to their applications in critical industries such as medical, automotive, and aerospace & defense.  This would lead to further innovations in the Hall-Effect current sensor market.

The market for BiCMOS technology is expected to grow at a high CAGR between 2017 and 2023 driven by the growing adoption of BiCMOS technology over CMOS technology as it improves the speed of operations and reduces the density of the integrated circuit.

Among various industries, industrial automation held the largest share of the overall market in 2016. This is attributed to the growing applications of control systems and automation equipment in the industries, which creates a need for current measurement for various applications such as AC-DC converter, overcurrent fault detection, and battery monitoring.

Key market players such as LEM Holding SA (Switzerland), Allegro MicroSystems LLC (USA), Honeywell International Inc. (US), TDK Corporation (Japan), KOHSHIN ELECTRIC CORPORATION (Japan), and ABB Ltd (Switzerland) focus on strategies such as product developments, expansions, distribution contracts and agreements, and acquisitions to enhance their product offerings and expand their business.

According to the new market research report Hall-Effect Current Sensor Market by Type, Technology, Output (Linear and Threshold), Industry (Industrial Automation, Automotive, Consumer Electronics, Telecommunication, Utilities, Medical, Railways), and Region – Global Forecast to 2023″, the Hall-Effect current sensor market is expected to grow from USD 906.7 Million in 2017 to USD 1,473.7 Million by 2023, at a CAGR of 8.4% between 2017 and 2023. The factors driving the growth of this market are the continuous technological advancements, growing use of fully integrated and programmable current sensors, advantage of galvanic isolation-based Hall-Effect current sensors, and growing demand for intelligent Hall-Effect current sensors.

Browse 69 Market Data Tables and 46 Figures spread through 146 Pages and in-depth TOC on “Hall-Effect Current Sensor Market – Global Forecast to 2023”
https://www.marketsandmarkets.com/Market-Reports/hall-effect-current-sensor-market-201606539.html
Early buyers will receive 10% customization on reports.

“Hall-Effect current sensor market for closed-loop current sensors expected to grow at the highest CAGR during the forecast period”

The Hall-Effect current sensor market for closed-loop current sensor is expected to grow at the highest CAGR between 2017 and 2023. Closed-loop current sensors help end users by providing higher accuracy and faster response time for current sensing applications.

“Hall-Effect current sensor market for the automotive industry to grow at the highest CAGR between 2017 and 2023”

The automotive industry is expected to witness the highest CAGR in the overall Hall-Effect current sensor market between 2017 and 2023. In the automotive industry, current measurement is required for applications such as current control, protection of devices from overcurrent, and power management including control of motor drives, converter control, overcurrent protection, and battery management. The growing demand for eco-friendly electric and hybrid electric vehicles in the automotive industry would drive the Hall-Effect current sensor market.

“Asia Pacific expected to lead the Hall-Effect current sensor market between 2017 and 2023”

Asia Pacific is expected to hold the largest size of the Hall-Effect current sensor market during the forecast period. This is mainly attributed to the high growth in emerging economies such as China, India, South Korea, and Japan, where there is a rising need for power management. With the growing trend of cloud connectivity in APAC, industries would adopt Industrial Internet of Things (IIoT)-based current sensors for current measurement applications in this region.

The major players operating in the Hall-Effect current sensor market are ABB Ltd (Switzerland), Honeywell International, Inc. (US), STMicroelectronics N.V. (Switzerland), Allegro MicroSystems LLC (USA), Asahi Kasei Microdevice Corporation (Japan), Infineon Technologies AG (Germany), Melexis NV (Belgium), LEM Holding SA (Switzerland), TDK Corporation (Japan), and Kohshin Electric Corporation (Japan).

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